Homeownership Assistance

Searching for a home is an exciting adventure, and as a homeowner you are vital to the success and stabilization of your neighborhood. However, finding the right place at the right price, can be filled with many unexpected and frustrating challenges. Asking yourself what you can afford, the status of your credit, and where to shop for a mortgage loan, are important questions that can help make your dream of owning a home… a reality.

The Albany Community Development Agency (ACDA) is a centralized, "one-stop" facility that provides credit counseling, budget counseling, pre-purchase counseling, and other related services that will guide you through the tedious process of finding a home.

Take advantage of one of ACDA's Homeownership Programs that will make you a successful homeowner in the City of Albany.

Citywide Homebuyer Assistance Loan (Guidelines & Application)The Choose Albany Citywide Homebuyer Assistance Loan was developed to provide financial assistance to applicants who are interested in purchasing a home in the City of Albany. If you are interested in purchasing a home, you may be eligible for a 10-year (or a 5-year term), 0% interest loan for 8% of the purchase price, up to $15,000, to be used towards the purchase of your new home.

There are no income restrictions and no geographic restrictions within the City. This loan can only be used for closing costs and down payment assistance. The purchase price of the home can not exceed. $200,000. The Citywide Homebuyer Assistance Loan is a first come, first serve program that will be available as long as there are funds available.

Capital City Employer Incentive (Guidelines & Application)The Choose Albany Capital City Employer Incentive was developed to provide financial assistance to full-time employees of the City of Albany, the Albany Police Department or the Albany Fire Department who are interested in purchasing a home within the City.

This $5,000 forgivable loan is pro-rated at a rate of $1,000 annually over a period of five (5) years, during which time the applicant must maintain the purchased home as their primary residence. There are no income restrictions and no geographic restrictions within the City of Albany. This loan can only be used for closing costs and down payment assistance and the purchase price of the home can not exceed $200,000. The Capital City Employer Incentive is a first come, first serve program that will be available as long as there are funds available.

Other Homeownership Assistance ProgramsHome Acquisition Program (HAP)HAP provides up to $14,900 for down payment and closing costs assistance. It is a 5-year, interest free, deferred loan for a 1 - 4 unit, owner-occupied property within the City of Albany. There are income restrictions. You cannot currently own any other property.

Homeowner Assistance Program (HOAP)HOAP helps low income homeowners do moderate rehabilitation of their owner-occupied homes (1 to 4 unit buildings) so they meet housing quality standards.

Senior Rehabilitation Program (SRP)SRP helps low income owner occupants over the age of 62 with repairs to their homes that will eliminate any condition that poses a threat to the health safety and welfare of the occupants

Lead Based Paint Hazard Control Assistance Program (LEAD) shall be included with rehabilitation work for eligible owners who apply under any of the City's affordable housing programs. LEAD will reduce the hazards of lead based paint to meet federal standards.